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Strategy as plan – a directed course of action to achieve an intended set of goals; similar to the strategic planning concept; Strategy as pattern – a consistent pattern of past behavior, with a strategy realized over time rather than planned or intended .
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
popularized the concept of business strategy Kenneth Richmond Andrews (May 24, 1916 – September 4, 2005), [ 1 ] was an American academic who, along with H. Igor Ansoff and Alfred D. Chandler , was credited with the foundational role in introducing and popularizing the concept of business strategy .
The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan. [10] The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and specific action plans ...
Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [7] [8] [9] Michael Porter identifies three principles underlying strategy: [10] creating a "unique and valuable [market] position" making trade-offs by choosing "what not to do"
The system of strategic concepts listed in a statement of intent, purpose, principles, frames, or conceptual metaphor are organizing principle(s). [35] Also, as Karl Weick explains sensemaking as the process of conceptualising problems, concept-driven strategy might be thought of as a pragmatic means of sensemaking a strategy. [36]
The concept of choice was a different perspective on strategy, as the 1970s paradigm was the pursuit of market share (size and scale) influenced by the experience curve. Companies that pursued the highest market share position to achieve cost advantages fit under Porter's cost leadership generic strategy, but the concept of choice regarding ...
At present, structure follows strategy; the concept is being downplayed by scholars due to the change in trends in the modern era. In the current day and age, due to the ever-evolving digital technological landscape and ever-changing dynamics in the business environment, strategies are often revised and revisited from time to time by top management of every company. [5]